Establishes limit on rent increase for senior citizen tenants of certain properties financed with assistance from HMFA.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill establishes a limit on annual rent increases for senior citizen tenants living in certain properties financed by the New Jersey Housing and Mortgage Finance Agency (HMFA). It prohibits landlords from raising rents more than two percent or the percentage change in the cost of living, whichever is greater. The bill defines ‘covered dwelling units’ and outlines penalties for landlords who violate the rent increase limits, including potential legal action and financial penalties. It also ensures that rent increases don't preempt existing local rent control ordinances.
Bill text
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Document of record
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Sponsors
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2 on record
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